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- Information on bankruptcy - Canada. ca
Bankruptcy is a legal process performed by Industry Canada under the Bankruptcy and Insolvency Act, by which you may be discharged from most of your debts When you file for bankruptcy, the trustee becomes the administrator of your property and assets One of the trustee's roles is to wind up the
- Bankruptcy - Canada. ca
Bankruptcy is a legal process by which you may be discharged from most of your debts Its purpose is to permit an honest, but unfortunate debtor to obtain a discharge from most debts, subject to reasonable conditions There are three different ways to go into bankruptcy: voluntary assignment, where insolvent persons make an assignment of all their assets for the general benefit of all
- Insolvency - Canada. ca
Insolvency for business Proposals, bankruptcy and arrangements for businesses, and how to find help
- Bankruptcy – Business structures - Canada. ca
Bankruptcy – Business structures Sole proprietorship As a sole proprietor, you and your business are the same legal entity If you wish to continue in business, you will be considered a new legal entity beginning on the day after the assignment into bankruptcy
- Getting help from a credit counsellor - Canada. ca
A trustee is licensed by the Office of the Superintendent of Bankruptcy to handle debt problems under consumer proposals and bankruptcies Both are legal processes you follow to pay off your debt Find a licensed insolvency trustee When you meet with trustees, they’ll first assess your financial situation
- Bankruptcy receivership - Canada. ca
Bankruptcy receivership When businesses or consumers cannot pay their debts, they may file for bankruptcy or make a proposal (a payment arrangement with their creditors for a percentage of their debts value)
- File returns - Canada. ca
When the taxpayer is coded bankrupt according to the Canada Revenue Agency’s records, the T1 return for the year immediately prior to the year of bankruptcy is an exclusion and must be filed by the trustee in bankruptcy (if not previously filed by the taxpayer) The in-bankruptcy and post-bankruptcy returns are also exclusions from EFILE
- Income Tax Folio S4-F8-C1, Business Investment Losses - Canada
This Folio Chapter presents information for individuals, small business corporations and tax professionals on the rules for allowable business investment losses (ABIL) The Chapter discusses the various provisions of the Act relevant to determining a taxpayer's allowable business investment losses for a tax year and the deductibility of such a loss The content is technical in nature and some
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